All Key Terms in IGCSE Economics Questions and Answers
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Definition of opportunity cost Correct Answer the cost of the next best opportunity forgone The effects of opportunity cost on workers Correct Answer specialization The production possibility cu... rve represents Correct Answer the maximum combination of products that can be produced in an economy How can a country be on its PPC? Correct Answer All resources are used; there is efficiency (in the use of resources) A movement along the PPC results in Correct Answer opportunity cost in order for the PPC to shift outwards, there must be Correct Answer economic growth The two ways for economic growth are Correct Answer Increase in the quality (of the factors of production); Increase in the quantity (of the factors of production) The market system refers to Correct Answer the method of allocating scarce resources through (the market forces of) demand and supply Markets consist of Correct Answer buyers and sellers The market system is also known as Correct Answer the price mechanism the market system establishes Correct Answer market equilibrium market equilibrium is when Correct Answer demand equals supply market disequilibrium occurs when Correct Answer the market price is either above or below the equilibrium price [Show More]
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